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20100101
20100131
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Search Results 0 to 36 of about 37 (some duplicates have been removed)
of a uniq pilot program in chago called keep our homes. it's a partnersh between bank of america andour community groups on the city's southst side. the bank provis the names of customerwho are more than 60 days delinquent on the mortgages. the grps and their volunteers then work with tho customers to get their lns modified. sincnovember, bank of america hareleased the names of more than 500ustomers in this predominantly hispan community. the bank says langge barriers often ke it hard for it to communice with these borrower so volunteers like silvia cisnes are a big help. >> some of them are ppy to see us, that we are from the urch, their parish; that we are not there to selanything or get theinto trouble, but st to tell them where they c go forelp. >> reporte counselors at the four agencies rk aggressively withomeowners to gather all of the necessary parwork for refinaing. >> can i get some ditional information om you? >> reporter: flow-up calls to ack down missing documents a common. donna stites hea up e of the groups working on the projec and admi the process is metimes frustrating.
hit $36 billion, up almost 10% from october. >> susie: america's factories get a bad rap. many people think manufacturing is an industry with no growth and no jobs. but there's lots of optimism at one metal parts factory in new jersey. erika miller went there to find out why, and discovered that this one company may be part of bigger trend. >> we've seen a pick up in demand since about the middle of 2009 across all sectors. and it actually happened very quickly. >> reporter: jim mcclintock is the president of micro stamping, a company that cuts metal parts used in cars, medical instruments, computers, and airplanes. the company is located in this unassuming building in suburban new jersey. but don't let that fool you. its perspective is big. is it fair to say that although you're a new jersey-based manufacturer, you have your pulse on the global economy? >> we do have our pulse on the global economy, and it's absolutely imperative. today's manufacturing environment, it's so easy to transact business around the world fluidly. >> reporter: the company is reporting a steady increase of n
of a unique pilot program in chicago called keep our homes. it's a partnership between bank of america and four community groups on the city's southwest side. the bank provides the names of customers who are more than 60 days delinquent on their mortgages. the groups and their volunteers then work with those customers to get their loans modified. since november, bank of america has released the names of more than 500 customers in this predominantly hispanic community. the bank says language barriers often make it hard for it to communicate with these borrowers, so volunteers like silvia cisneros are a big help. >> some of them are happy to see us, that we are from their church, their parish; that we are not there to sell anything or get them into trouble, but just to tell them where they can go for help. >> reporter: counselors at the four agencies work aggressively with homeowners to gather all of the necessary paperwork for refinancing. >> can i get some additional information from you? >> reporter: follow-up calls to track down missing documents are common. donna stites heads up one
of america's banks. >>he banks are raisi an ordinate amount of capit throughout 200 and 2009. so they're bett positioned. some of the small banks won't make it ansome of the larger bas will continue to have to sell assets to support themselv. >> ghab: aot ofhe big banks have paid back the money in the bailout money is it fair to sathat they're healthy again? >> i would say they're hlthier beuse of the government intervention and the chae in accountingules. but home pces are worth a lot less than banks are caying them on thr balance sheets. and real estate wortha lot less in thectual markets than the banks are carryi on the balae sheet. u can't say this one is healthy, this one isot healthy. >> ghari so when the banks start porting their quarterly results where are e revenues coming from? >>hat's a very go question because the banks make money out ofhe loan books and t loan books ha been declining because they hen't been lending. from a f rspective, you know and have coveredery well the relatory environment makes it much more difficult fothe banks to chae fe on the productshey made money on.
alth of america's banks. the banks are raing an inordinate amount of capal throughout 28 and 2009. so they're beer positioned. some of the sma banks won't make it d some of the larger nks will continue to have to sell assets to support themsees. >> grib: a lot of the big banks have paid back the money in the bailout mon. is it fair to y that they're healthy again? >> i would say they'reealthier cause of the government intervention and the cnge in accounti rules. but homerices are worth a lot less than banks are rrying them on eir balance sheets and real estatis worth a lot less in the actual markets than the banks are carrng on the bance sheet. you can't say this one i healthy, this one is not healthy. >> ghab: so when the banks startreporting the quarterly results where arthe revenues coming from >> that's a very od question because the banks make money o the loan books andhe loan books ve been declini because theyaven't been lending. from aee perspective, you know and have cover very well the gulatory environment makes i much more difficult r the banks to crge es on the produc they
was surprisingly candid when i interviewed her today. she started off by describing the financial health of america's banks. >> the banks are raising an inordinate amount of capital throughout 2008 and 2009. so they're better positioned. some of the small banks won't make it and some of the larger banks will continue to have to sell assets to support themselves. >> gharib: a lot of the big banks have paid back the money in the bailout money. is it fair to say that they're healthy again? >> i would say they're healthier because of the government intervention and the change in accounting rules. but home prices are worth a lot less than banks are carrying them on their balance sheets. and real estate is worth a lot less in the actual markets than the banks are carrying on the balance sheet. you can't say this one is healthy, this one is not healthy. >> gharib: so when the banks start reporting their quarterly results where are the revenues coming from? >> that's a very good question because the banks make money out of the loan books and the loan books have been declining because they haven't been lend
the past few years. associated general contractors of america chief economist ken simonson says even if there is some help from federal stimulus money, big commercial projects will likely still be on hold. >> the folks who've been doing building construction: schools, hotels, offices, stores. they're still going to have a hard time in 2010. >> reporter: construction workers often move from one part of the country to another to find jobs, but with commercial and residential building down, all over the country, workers have few alternatives other than hoping something will change. >> we need it, cause we need a job. we need to feed the family. >> reporter: jamila trindle, "nightly business report," arlington, virginia. >> paul: now let's look at the stocks in the news tonight. >> paul: and those are the stocks in the news. >> tom: paul, i'll be watching the calendar and whether or not the january effect comes in to play. the january effect is the tendency for stocks to rise in the first month of the year. but it hasn't held true in the past two januarys. in 2009, the s&p 500 dropped mo
. bankers oppose that, though bank of america's new c.e.o. brian moynihan said his company was grateful for government assistance. he and the other bank c.e.o.s stopped short of the apology the president's press secretary asked for. >> over the course of the crisis, we as an industry caused a lot of damage. never has it been clearer how poor business judgement we have made have affected main street. >> reporter: commissioners probed the bankers on where their risk management strategies went wrong and how so many bad mortgages could possibly get made. but the answers they got blamed global credit conditions or to something like a failure to connect the dots. as j.p. morgan chase c.e.o. jamie dimon put it, the financial hot spots were well known. >> a lot of the things we all talked about, mortgages, sivs, derivatives. they were all known. they were not a secret out there. no one put it all together. the financial commission will be trying to put it all together. it showed today it wants banks to produce documents showing how they managed risk, created bad mortgages, and bet against some
about on the banking side, jpmorgan, bank of america, wellso, which of those banks stands to gain or lose? >> well, i think that if you take jpmorgan, the price of that stock is where it was 12, 13 years ago. it was selling at this price in 1997. it selling at this price because the structure of this company is wrong. it is too much consumer finance in if. and therefore if you eliminate that, and you take and sell, if you will,;jje of jpmorgan to investors, that will be worth a lot more than what jp morgan is today. if you take merrill lynch out of bank of america, merrill lynch is likely to sell for more than all of bank of america currently sells for at the present time. >> all right, very interesting way of looking at this situation. dick, thanks so much for coming on the program. >> thank you, sus yee. >> my guest tonight dick bove, financials analyst at rockdale securities. >> tom: here are the stories in tonight's "n.b.r newswheel". as we mentioned, stocks headed sharply lower on the president's proposal to reign in big banks. the dow dropped 213 points, the nasdaq lost 25,
chp cost of capitol-- capital backstopped by the america taxpayer, that is no a broker. ey can give up that bastop not be banked, not have access to these kinds of supports and they can make t investments as the esident said in a way the can-- if done responsibly-- benefit the economy. it is just that they shouldn't be getting this inappropriatbackstop from the taxpaye >> it kind ofseems hardly a coincidence th here we have goldman sachs reporting which es a lot of propetary trading and makes a lot of money off of it and today you com out app say bks can't do propriety trading. connection there? >> well, obviously this event was planned long before anything came o with goldman it is the case, however, that over rent months you have seen several the biest financial institions th g aess tohe safety net of the americ people turn around and use the cheap catal that they from ablto get because of the taxpayer safety net, and investit for eir own account and make big profits. and at is exact the kind ofhing that thi rule is meant to address. >> well,hat's the admistration's view, now foanot
to repayaxpayers for the financl bailout. bankers oppose tha though bank of america's new c.e.o. brn moynihan said his company wa grateful for goverent assistance. he and thether bank c.e.o.s stopped short of thepology the prident's press secretary asked for. >> over the cose of the crisiswe as an industry caused a lot of dame. never has it beeclearer how poor busess judgement we have made have affected maistreet. >> reporter: commiioners probed theankers on where their risk managent strategies went wrong and how so manyad mortgages coulpossibly get made. but the answers th got blamed global credit condions or to something like a faire to coect the dots. as j.p. morg chase c.e.o. jamie dimon put it, the financiahot spots were well known. a lot of the things we all talked aut, mortgages, sivs, derivaves. they were l known. they wernot a secret out there. no one put it all together the financial commission wilbe tryi to put it all together. ithowed today it wants banks to produce docents showing how th managed risk, created bad mortgages, and bet against se of the now toxic securies they helped crea
of america, j.p. morgan, d citi. it's u33% in the past year. compare that 12-month peormance with this exchange traded fund made of smaller, regional banks. while 's also at a 52-week hi, it is up only 3% over the past year. with today's 3point gain for e dow, the index sits at a frh 15-month high tonight. over that time, a couple o financial companies ha both been leader and a laggard. american expresss the best performing dow component. united tech is the second be. bank of america is the bigst loser, follod by g.e., which s a substantial finance businesstself. ck in 2007, the fashion rage was all out crocs. those slipper-likehoes made out of what e company calls closed cell resin material they flew out stores at big margins for thcompany. re's the three-year chart. the stock hit morehan 70 bucks share before it crashed to below $2. the stock now trades at tenth of its high. but it has staged a rally d on heavy volu. the c.e.o. sayit will make a profit this year as has eliminated itsebt, cut inventors, and closed rehouses. markets lo speculation and at helped shares of te
% of america that makes less than a quarter million dollars a year, so overall, it's a big tax cut, so -- i mean, i think the argument that -- for the very, very high-income people that they would go back to rates that existed in the 1990's -- that that would be really devastating to growth while we are cutting taxes for almost everyone in the country very substantially -- i guess i don't buy into that. >> tom: austan, you have been talking taxes, certainly in the last several days at the white house, talking about the possibility of a bank tax for some very large banks that took tarp money. i want to ask you about financial regulation. do you sense that the priority list has changed significantly in year two? >> well, you know, the priority list is changing because the president has accomplished a bunch of things in year one so we don't have to do those anymore but i mean, we had rescue of the economy, prevent of abyss, that was fairly important and we did succeed in doing that. now, the rebuilding and getting robust growth, i think, with job creation and improving incomes has got to be th
for oidrilling in 2010. lliburton today said drillin in north americas picking up. that assessment came aer the company rerted a big earnings drop. halliburton pects 2010 to be much better than lt year. halliburton stock saw more tn twice average volu, plenty of interest, but not muchrice movement others out ts week include baker ghes and weatherford tomorrow. smith inteational on wednesy. these three mixed ahead of tir results. a number opower companies are due up for earnis this week. the li-up for this week from utilits looks like this. tomorrow, florida'f.p.l. group is first up. the stock is aeight month lows. on wednesday, it'southern group, and on thursday with american electric and domini sources. thanks tthe weak economy, demand f power was down in the fourth qrter as we saw in exelon's earnings ba on friday, but hopes are it wil pick up as the economymproves. citi analyst ban chin figures utilities will c their spending on g projects, some calledapital spending, by about 4%, ile earnings and divinds will continue to grow. and he says th's not a healthy mix if it lasts for mo than a
information. all those firms took uncle s's bailout bucks. former bank of america.e.o. ken lewis can restasy, the curities and exchange commission won go after execs at b of a er what was discsed, or not disclosed, before the bank took ove merrill lynch. >> susie: the auto iustry is revved up in detroit: companies from around e world are showing f new cars and trks at the north american international to show. the big winner so far is for won awards for both the car and truck of the year, a for its fusion hybrid and the transit coect. buas diane eastabrook reports, small is what's ally big at this year's show. reporter: the granite conce is an image buster for g, general tors' hulking truck brand. g.m.'s nth american president mark rss says the tiny urban sport utility ancompact cars like the chevrolet cru will help redefine g.m. >> you don't have to go a car at you find in a cereal box size-wise to get the fue onomy and is fun to drive, t safety a all that stuff. we're ing that. >> reporter: at e north american international autshow size suddey matters. aftethe worst sales year in three dec
's bailout bucks. former bank of america c.e.o. ken lewis can rest easy, the securities and exchange commission won't go after execs at b of a over what was disclosed, or not disclosed, before the bank took over merrill lynch. >> susie: the auto industry is revved up in detroit: companies from around the world are showing off new cars and trucks at the north american international auto show. the big winner so far is ford. it won awards for both the car and truck of the year, and for its fusion hybrid and the transit connect. but as diane eastabrook reports, small is what's really big at this year's show. >> reporter: the granite concept is an image buster for gmc, general motors' hulking truck brand. g.m.'s north american president mark reuss says the tiny urban sport utility and compact cars like the chevrolet cruze will help redefine g.m. >> you don't have to go to a car that you find in a cereal box size-wise to get the fuel economy and is fun to drive, the safety and all that stuff. we're doing that. >> reporter: at the north american international auto show size suddenly matters
-- is reaching something resembling the end. only in america can a legislative wrangle lasting almost a year be described by one side as a rush to judgment. clearly, the main losers in this whole thing have been proponents for transparency of government. anyone who even peeked at the day-by-day coverage of the healthcare slog through the house, then five senate committees-- hey, why not a dozen-- and then the full senate, must have come away with a strong case of yeech. we've been warned, by bismarck no less, not to watch laws and sausages being made. transparency wont change our lawmakers, any more than it would change the sausage-makers; it will only change us, make us turn angrier, more alienated from the process. the big winners in this whole thing? commercial television, broadcast and cable alike. the washington post reported recently that $200 million was spent by pro- and opponents, and most of it, aside from some nicely appointed k street offices, went straight into 30- second tv spots. if it hadn't been for that wave of income, the television industry might have suffered this recess
electric and ba of america has significant buyinginterest today ming up nicy. les look at t market focus this ening. tomorrow, jobs ce into focus. fr housing to retail, employment is the keystoneor strong and susinable growth. but, as everyone has heard, expectations are ptty low. the job market is edicted to have lt 35,000 jobs in cember. thnumber comes out tomorrow morning at 8:30 eastn time. that would show some erosi in the lar market compared to the 11,000 jobs lost in nomber. but would be an improvement from october. addi up two years of job losses totals more thaseven million ouof work americans. mafacturing has seen more than two million jobs dappear. financial servicesmployees a half million fewer people th it did in januarof 2008. bua couple of surprising plac were there may be hiring into the spring is home construction and sales at let according to homebuilder lenr. on its enings conference call today, lennar's c.e. said the business is stabilizing and s addi communities, which may lead tsome hiring. after reporting s first profit in almost the years, the stock saw re than f
today their earnings. bank of america and wes fargo bo saw improvements in the fourth quarter. b of aas able to buck the selling today. but not lls fargo and morgan stanley. moan's results missed expectations. separately, trust banks std out in the financial secr, finding burs as earnings are comi in better than expected. bank of neyork mellon, state stet, and northern trust all saw ock gains. financial results were helpeby manageme fees. ese banks focus on financial custody and processing inste of the more familiar ban lending busine model. plenty of earnings tomrow, incling the best performing dow stock ofast year, american express. ahead of its fouh quarter, a.x.p. sto hit a 52-week high today befo seeing a little prit-taking. goldman sachs also ion the calend. expectations have beenialed back over slower fouh quarter trading operations. and google comes in after e close. since the beginning this year, google sto is down 6%. what's the app for dra? business week repos apple may drop google the go-to ternet search engine on the iphone. instead, apple may use miosoft's bing search en
. so good some bad in what bank of america's new c.e.o. ian moynihan seefor the future. forecasts at the bank predict the econy will grow more than 3% this year. but that slow pace also mes the unemploymentate will stay hi. anwatch out, above! the world's llest skyscraper is now open in dubai. at 2,717 feet, the bj khalifa is namedor the leader of neighborg abu dhabi whic pihed in $10-billion to bail dubai out of its fincial crisis. evolution of thinking for t fed chairman. that's how pitical economist tom gallagher today characterized this weekend remarks we tolyou about from fechairman ben bernanke. bernankeaid low interest rates were not tblame for the housing crisis, a ck of regulationas. stephanie dhue spoke wit gallagher about the message e fed chairman devered. >> reporter: bernanksaid sometimes thfed should use interest ratpolicy to address bubbles,o you see the fed making a move to aress emerging markets ocommodities? >>hat is a change on his part, netary shouldn't adjust at all, now i think ctral, should >> the monetary policy shouldn't adjust for bubbles at all til it i
nearly $39 billion for the 77% stake alcon that nestle owns. me good some bad in what ban of america's new c.e.obrian moynihan ss for the future. forecaers at the bank predict the ecomy will grow more than 3% this year. but that slow pace also ans the unemployment ratwill stay high. and wah out, above! the world's tallt skyscraper is now open in dubai. at 2,717 feet, the burj alifa is named forhe leader of neighboring u dhabi which pitchein $10-billion to bail dubai out of its financi crisis. an elution of thinking for the fed chairman. that's how polital economist togallagher today aracterized this weekend's remarks we told yoabout from fed chrman ben bernanke. bernanke sailow interest rates were not to ble for the housing crisis, a lackf regulation was stephanie dhue spoke with gallagher about the message the d chairman delived. >> reporter: bernanke sa sometimes the feshould use interest rate pocy to address bubbles, do u see the fed making a move to addre emerging marketsr commodities? that is a change on his par monetary shouldn't adjust at all, now i thinkentral, should >> the
holdings report earnings tomorrow, including bank of america and u.s. bankcorp. it's not just about bank bottom lines tomorrow. online auction site ebay, starbucks, and high-end handbag maker coach are among the earnings calls. ebay has been facing more online competition with revenue growing, but earnings are expected to be essentially flat from a year ago. starbucks has been busy closing unprofitable stores in the u.s. while opening more overseas. analysts also point to a strong holiday season and new instant coffee as helping. and coach is predicted to show growing profits from a year ago. we were talking about kraft earlier. can you name the food giant that used to own coach? it was spun out of sara lee ten years ago. and that's your market focus. >> tom: in tonight's of mutual interest, the past five years have been tough for many mutual funds. the average large growth stock fund is up just 10% over the past five years. but the jordan opportunity fund has returned more than four times that to its investors according to morningstar. jerry jordan is the fund's portfolio manager and he
. the c.e.o.'s of j.p. mgan, goldman sachs,ank of america, and morgan stanl are just some of the people whwill face tough questions from t financial cris inquiry mmission. the panel cread by congress anis holding hearings wednesday and thursday, an everne will be required to testify unr oath. >> tom: night's "market monitor" gue is sandy lincoln, investment strategist at m investment magement. he joins ufrom the c.m.e. oup. sandy welcome to nbr welcome to nbr. od to see you again. >> good the see you again. >> hudson: investors in emerging maets have done better, are you seeing a bubb in the making overseas? >> oh, tom, i don't thi it's a bubble. i think it's not defying gravity at all, bumarket reality. over the last ten years the emerging markets havhad phomenal economic growth of almost 8% year compounded over inflation, and the u.s. s grown at 4%. so investors follow tha econic owth and the stock markets rewarded them. as you pointed out in prior broadcasts this has been a 0% growthate in the u.s., but in the eear manying markets you have 9% a year. looks likethere's more ahead of t
was a disappointment. a trio of big bankalso saw selling todaon their earnings. bank of america and lls fargo th saw improvements in the fourth quarter. b of was able to buck the selling today. but nowells fargo and morgan stanley. rgan's results missed expectations. separately, trust banks ood out in the financial stor, finding yers as earnings are cong in better than expected. bank of w york mellon, state reet, and northern trust all sastock gains. financial results were held by managent fees. these banks focus on financi custody and processing insad of the more familiar bk lending busiss model. plenty of earnings torrow, inuding the best performing dow stock last year, american express. ahead of its frth quarter, a.x.p. sck hit a 52-week high today bere seeing a little ofit-taking. goldman sachs alsos on the calear. expectations have be dialed back over slower frth quarter trading operations. and google comes in aftethe close. since the beginninof this year, google sck is down 6%. what's the app for dma? business week rerts apple may drop googlas the go-to inteet search engine on the iphone. ste
.p.organ, goldman sach bank of america, and morgan staey are just some of the people o will face tough questions fromhe financial cris inquiry commission. the panel created congress and isolding hearings dnesday and thursday, and everyoneill be required to testify under th. >> tom: tonit's "market monitor" guest isandy lincoln, vestment strategist at m&i investmentanagement. he joinss from the c.m.e. group. sandy welcome to n. welcome to nbr. good to see you again. >> good the see you again. >> hudson: investors in emerging markethave done better, are you seeing a bubble i the making overseas? >> oh, to i don't think is a bubble. i think is not defying gravity at all, but maetreality. over the last ten yrs the emerging markets have ha phenomal economic growth of almost 8% a yr compounded over inflation, and the u.s. has grown at 4%. so investors follow that economic grow and thetock markets ewarded them. asou pointed out in prior broadcasts this has been a0% growth ratin the u., but in the eearn manying markets you have 9% a year. los like the's more ahead of the sa. if youook at the inrnationa
Search Results 0 to 36 of about 37 (some duplicates have been removed)

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